Is Spotify Technology or At&t more undervalued?

As of Oct 28, 2026, Spotify Technology is at +10.1% to fair value and At&t at +60.9%. At&t is the more undervalued of the two. Model-based estimate, not financial advice.

Which has higher quality, Spotify Technology or At&t?

Spotify Technology has a quality score of 70/100 and At&t 64/100. Spotify Technology leads on quality.

STOCK COMPARISON

Spotify Technology vs At&t: Fair Value & Quality

Both stocks run through our valuation models. Here is how Spotify Technology (SPOT) and At&t (T) compare, as of Oct 28, 2026.

As of Oct 28, 2026, Fair Value Calculator sees At&t as the more attractively valued of the two: Spotify Technology trades at $555 versus a fair value of $611 (+10.1%), while At&t trades at $20.94 versus $33.69 (+60.9%).

Spotify Technology

SPOT · USD · Communication Services

+10.1%

upside to fair value

undervalued

Price$555

Fair Value$611

Quality70/100

At&t

T · USD · Communication Services

+60.9%

upside to fair value

undervalued

Price$20.94

Fair Value$33.69

Quality64/100

Get comparisons like this free by email every month: the most undervalued quality stocks.

Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Spotify TechnologyAt&t

Valuation

31.9×P/E (TTM)7.0×

47.5×P/E ex one-offs (FY2025)9.9×

32.6×Forward P/E (FY2027)8.1×

5.76×P/S (TTM)1.25×

12.52×P/B1.44×

36.9×EV/EBITDA6.0×

1.44×PEG1.54×

+10.1%Fair value upside+60.9%

n/aDividend yield5.3%

n/aDividend per share$1.11

Profitability

13.7%Operating margin24.8%

n/aEBIT margin trend (5Y)1.28×

44.5%Return on equity18.3%

14.7%Return on assets5.2%

Growth

13.9%Revenue growth (YoY)2.3%

13.6%Avg. growth/yr (3Y)1.3%

16.9%Avg. growth/yr (5Y)n/a

n/aValue creation/yr+16.4%

Balance & size

70.9×Interest coverage (EBIT/interest)3.6×

n/aDebt / equity1.15×

$116BMarket cap$159B

healthyGrowth qualitymixed

The P/E excluding one-off items is scored: for at least one of the two companies, special items (write-downs, restructuring, litigation) move the reported P/E by 15 % or more. The trailing P/E is shown for reference.

Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported.

At&t leads: 5 to 6 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Spotify Technology At&t

ProfitabilityHow much profit the company makes from its sales and capital

Quality GrowthAre margins and returns getting better?

CashflowDo the profits arrive as real cash?

Financial strengthDebt, balance sheet and risk of trouble

InvestmentDoes it invest with discipline instead of growing at any price?

Low VolatilityHow calm the share price moves, does not count

MomentumPrice trend of the last 3 to 12 months, does not count

Near the 52-week highDistance to the 52-week high, does not count

New sharesBuys back shares or issues new ones?

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model family	Spotify TechnologyPrice $555	At&tPrice $20.94
DCF Models	−40.5%below the price$330	+110.8%above the price$44.14
Earnings-Based	−59.3%below the price$226	+1.4%close to the price$21.23
Dividend Discount	n/a	+1.7%close to the price$21.30
Multiples	−66.3%below the price$187	+36.1%above the price$28.49
Asset-Based	−96.3%below the price$20.61	−80.5%below the price$4.09
Growth DCF	−40.6%below the price$330	+109.8%above the price$43.94
Economic Profit	−77.5%below the price$125	+17.9%above the price$24.69
Growth Earnings	−42.1%below the price$322	+175.4%above the price$57.66
Matching families	7 of 8
Minimum	−96.3%below the price$20.61	−80.5%below the price$4.09
Maximum	−40.5%below the price$330	+175.4%above the price$57.66
Median	−59.3%below the price$226	+36.1%above the price$28.49
Geometric mean	−69.7%below the price$168	+21.3%above the price$25.40
Ahead family by family	0 of 7	7 of 7

Minimum, maximum, median and geometric mean only use the families both stocks have (matching families: 7 of 8), so a family without a value on one side does not distort the comparison. Ahead in a family is the stock whose fair value there sits higher relative to its price. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Family by family: At&t is ahead in 7 of 7 shared families, Spotify Technology in none.

Spotify Technology: 24 of 24 models see the stock below the current price.

At&t: 3 of 25 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Spotify Technology

Price $555

Fair Value $611

Bear $373Bull $836

At&t

Price $20.94

Fair Value $33.69

Bear $21.00Bull $47.79

Compare two other stocks

Tap a field and type again, ticker or company name.

First stock

Second stock

Free, no sign-up

Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Spotify Technology · Communication Services

Quality score70 · Top 25%

Fair value upside+10.1% · above median

At&t · Communication Services

Quality score64 · above median

Fair value upside+60.9% · above median

Bottom line

Spotify Technology has the higher quality score (70/100).

Open At&t live analysis →

Spotify Technology · At&t

More comparisons

Popular match-ups from the same sectors, all with fair value and quality score.

Free · Top-25 report

See the undervalued quality stocks every month

Just your email for the monthly Top-25 report of the most undervalued quality stocks, with fair value, quality and price target.

Free. You confirm by email (double opt-in) and can unsubscribe anytime in one click. Not financial advice.

A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.